Bawan subsidiary sets up JV in Algeria

Bawan Co. said its 85.5 percent-owned subsidiary United Transformers Electric Co. (Utec) is setting up a new joint venture in Algeria, which will start commercial operations in Q3-2017.

The new entity, United Technology Electric Co. LLC​ (Utec Algeria),​​ will be 49-percent owned by Utec and 49 percent by Algeria-based Industry Technology Electric LLC, the Riyadh-based industrial firm said in a statement to Tadawul.

In 2014, Bawan had approved a proposed deal of its affiliate Utec to establish a SAR 37 million ​joint venture in Algeria, according to previous reports published on Argaam.

Utec specializes in producing electric transformers, electric distribution stations, low, medium and wires and cables at an annual capacity of 24,000 units.